Two’s Not Enough: Why We Need More Black Women In Leadership

On the heels of the exciting news that two fortune 500 companies are now headed up by Black women, it is time to celebrate. As we recognize this achievement, it is important not to lose sight that two Black women Fortune 500 CEOs is not nearly enough.

This year Rosalind Brewer was named CEO of Walgreens, then Thasunda Brown Duckett became CEO of TIAA. Before them only Ursula Burns of Xerox had been a Black woman CEO. Three Black women in 66 years is not enough. 

In 2019 it was noted that there were more Fortune 500 CEOs named Jeffrey than there were women generally. While this is changing for women as a group, Black women specifically are even more underrepresented. That disparity in leadership representation has financial impacts. Black women continue to face pay equity barriers, making just 63 cents for every dollar paid to White, non-Hispanic men. 

We need more Black women in leadership. It’s well past time for Black women to lead decision-making processes and more broadly demonstrate their promising impact. Today we examine why. 

Educated But Not Yet Elevated

As a demographic, Black women in the U.S. are educationally accomplished, with the highest growth rate of college enrollment and completion than any other group. With high levels of educational achievement, we should see more Black women in the C suite. 

Black women are qualified to lead and need to be given the opportunity to do so. At a time where a Black woman is deemed qualified to be the Vice President, we should be seeing more Black women leaders across all industries. 

A Different Worldview

Black women bring to the table a different perspective and a more collectivist approach that organizations could benefit from. Having a different perspective brings different results. It’s time to see the benefits of leadership that comes from a community-driven, resilient lens. 

In speaking to the tech industry’s diversity problem, an article in the Daily Dot noted “Many believe that as long as technology is populated and led by the group that has disproportionate power in society, it will be plagued with familiar issues associated with lack of representation by marginalized groups, which further perpetuates marginalization.”

The answer is more Black women in leadership. In an interview with Essence, Marc Morial, president and CEO of the National Urban League said, “Black women have always been a force in our communities and are now emerging even more with the power and position they deserve.” 

Representation Matters 

Black women representation in leadership benefits all. While it gives hope for young Black girls everywhere - demonstrating they can grow up and run a Fortune 500 company or their own business - increased representation in the leadership ranks expands everyone’s mental model about what Black women can and will achieve. That expanded vision will allow advancement for Black women in all spheres of life and across many levels of leadership. 

Representation in the workplace is already an area of struggle; Google’s workforce in 2018 was only 2.5% Black overall. Black women will not be able to advance to places of leadership and claim their place at the table if they’re never even allowed in the room.

Worthy of Investment 

Goldman Sachs is investing $10 billion in support of Black women over the next 10 years through their One Million Black Women (OMBW) initiative. Gizelle George-Joseph, their global chief operating officer of the Global Investment Research Division said, “What we found from our analysis was that reducing the gaps that Black women experience would actually increase U.S. GDP by at least $300 billion a year.” That’s an incredible economic stimulus for the country and that benefits everyone. 

Being intentional about the advancement of Black women can look like recruiting from Black colleges and universities, traditional universities, or funding scholarships and supporting legislation that enhances equity. Removing barriers and being proactive about hiring gives more Black women opportunities to advance. We can only move up if we can get our foot in the door and have the proper sponsorship to advance.

Innovating For The Future 

Katherine Johnson, Dorothy Vaughan, and Mary Jackson were Black women of NASA celebrated in Hidden Figures. Kizzmekia Corbett is a key scientist in the development of the COVID-19 vaccine. Black women are making a difference and should also hold leadership positions in recognition of that innovation. 

Black women oftentimes imagine a world that doesn't yet exist and we're constantly trying to push the needle to get our society to a better, more just place. This is true in climate change, health care, education, business, and politics. The spirit of innovation deserves to be recognized in the boardroom and the C suite.

We are finally seeing Fortune 500 CEOs who are Black women and it is exciting. But it’s not yet enough, and it’s early days in terms of adequate representation. Black women need to be in positions of formal leadership and it’s time to make changes so that finally happens in a significant way - to benefit all.